PRS REIT PLC (The) Issue of Shares under Development Mgmt Agreement (1725X)

TIDMPRSR

RNS Number : 1725X

PRS REIT PLC (The)

08 August 2018

8 August 2018

PRSR.L

The PRS REIT plc

(the "Company" or the "PRS REIT")

Issue of Ordinary Shares under the Development Management Agreement

and Total Voting Rights

The PRS REIT plc, the closed-ended real estate investment trust established to invest in new build homes in the Private Rented Sector ("PRS"), announces that in accordance with the Development Management Agreement with Sigma PRS Management Limited (the "Investment Adviser"), pursuant to which the Investment Adviser subscribes bi-annually for new ordinary shares of GBP0.01 each in the capital of the Company ("Ordinary Shares"), with this purchase equating to 50 per cent. of the development management fee in respect of each PRS Development Site (with such amounts to be subscribed in arrears at the prevailing share price at the time of subscription, providing that the share price is no less than the NAV per share), the Company has today issued 929,276 Ordinary Shares to the Investment Adviser at a share price of 104.5 pence per Ordinary Share (being the closing share price on 7 August 2018).

Following this purchase, the Investment Adviser's total holding of Ordinary Shares is 1,374,854 representing 0.28 per cent. of the issued share capital of the Company.

Application has been made for the new Ordinary Shares to be admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange. It is expected that dealings in the new Ordinary Shares will commence at 8.00 a.m. on 10 August 2018 ("Admission").

In accordance with the terms of a lock-up deed, the Investment Adviser has agreed: (i) not to dispose of any Ordinary Shares issued to, or purchased by, it for a period of 12 months from the date of each issue or purchase without the written consent of the Company and N+1 Singer; and (ii) for a period of a further 12 months thereafter, only dispose of such Ordinary Shares after prior consultation with N+1 Singer and then through N+1 Singer in such manner as N+1 Singer may reasonably require.

Total Voting Rights

The total number of Ordinary Shares in the Company in issue immediately following Admission is 495,277,294, each with equal voting rights. This total voting rights figure can be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.

For further information, please contact:

 
 The PRS REIT plc                           Tel: [phone] 
  Steve Smith, Non-executive Chairman 
 Sigma PRS Management Limited               Tel: [phone] 
  Graham Barnet 
  Graeme Hogg 
 N+1 Singer                                 Tel: [phone] 
  James Maxwell, Liz Yong, Ben Farrow 
 Stifel                                     Tel: [phone] 
  Mark Young, Neil Winward, Gaudi Le Roux 
 KTZ Communications                         Tel: [phone] 
  Katie Tzouliadis, Emma Pearson 
 

NOTES TO EDITORS

About The PRS REIT plc

(www.theprsreit.com)

The PRS REIT is a closed-ended real estate investment trust established to invest in the Private Rented Sector and to provide shareholders with an attractive level of income together with the potential for capital and income growth. In its Initial Public Offering, on 31 May 2017, the Company raised GBP250m gross equity capital and, on 20 February 2018, it raised a further GBP250m (gross) through an additional Placing. Both fundraisings were supported by the UK Government's Homes England with direct investments totaling c. GBP30m.

Legal Entity Identifier ("LEI"): 21380037Q91HU97WZX58

About Sigma Capital Group plc

(www.sigmacapital.co.uk)

Sigma Capital Group plc is a private rented sector, residential development, and urban regeneration specialist, with offices in Edinburgh, Manchester and London. Sigma's principal focus is on the delivery of large scale housing schemes for the private rented sector. It has a well-established track record in assisting with property-related regeneration projects in the public sector, acting as a bridge between the public and private sectors. Its subsidiary, Sigma PRS Management Limited, is Investment Adviser to The PRS REIT plc.

About Sigma PRS Management Limited

Sigma PRS Management Limited is a wholly owned subsidiary of AIM-quoted Sigma Capital Group plc and is the Company's Investment Adviser. It sources investments and manages the assets of The PRS REIT plc and advises the Alternative Investment Fund Manager ("AIFM") and the PRS REIT on a day-to-day basis in accordance with the PRS REIT's Investment Policy. The Investment Adviser is an appointed representative (reference number: 776293) of the AIFM.

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August 08, 2018 03:00 ET (07:00 GMT)